Moving Out Advice!?

JeniferEverx3

Hello! I am spending from now until Jan 30, putting away a total of $3000 to be added to my current savings of 2400 to be moving into my first (kind of) apartment on February 1st. Years ago I moved in with a friend but this time I'm getting a place all by myself. Does anyone have any advice as far as budgeting? It's a 1-bedroom, 1-bath, with (electric) washer & dryer, (gas) stove and the hot water is also gas. The rent is $999/month and I will have to pay electric, gas and water. I should have $5000 saved by February 1st, and plan to pay the $999 deposit, $999 first month's rent and $999 second month's rent in advance with that. I have already written up a "guestimated" budget but was wondering if any more experienced renters had any tips or things I should consider. Any help would be much appreciated!!!!

JeniferEverx3

I should add that $400 from the $3000 I am currently saving is going to my father for rent for those months which is why I will end up with $5000. Also, I will already have a full bedroom set, TV and TV stand, sofa & chair, and dining room table.

wjstoj

$1,000/mo + utilities for a 1 BR?? damn !!! So glad I live in a cheaper part of the world.

Anyhow - since you're doing this on your own, you should be able to budget pretty well since you only have your expenses to worry about...don't have kids that you need to buy clothes for and school supplies and stuff like that. The main thing...kind of like logging your calories on MFP...is to not forget anything. Don't do your budget for the month and think you have $100 left over and go buy a purse totally forgetting that you have your car insurance to pay. Groceries and things like that will cost more than you think, so plan high and be pleasantly surprised at the end of the week.

Good luck

JeniferEverx3

yeah no kids. and I have included my existing bills (car insurance, cell phone, savings) in my budget.

jlahorn

Consider renter's insurance, if you can afford it. Comes in handy upon occasion, but if you don't own much of value it may not be worthwhile.

Check and see if your car insurance premiums change in your new location. It's affected by things like zip code and whether or not you're parking in a garage.

Other than that, you're probably covered. Renting is pretty simple.

PRMinx

Consider renter's insurance, if you can afford it. Comes in handy upon occasion, but if you don't own much of value it may not be worthwhile.

Check and see if your car insurance premiums change in your new location. It's affected by things like zip code and whether or not you're parking in a garage.

Other than that, you're probably covered. Renting is pretty simple.

Yep. This. Renter's insurance is super cheap. Mine was $15/month. I got robbed and was so happy I had it. They replaced everything and the door lock.

wjstoj

Yeah I had renters insurance when I had an apartment. Every day I kept hoping someone would break in and steal all my crap LOL.

metaphoria

Think of all the stuff you borrow from your roommate and buy your own so you're not desperately searching for a whisk or scotch tape right when you need it.

Samuraiko

Craigslist can be your friend once you move - if you have stuff that is too much of a hassle to deal with, and can be replaced inexpensively on the other end, sell it before you leave, and then get it cheap once you're in the new place.

(When my husband and I moved from Phoenix to Seattle, we donated a ton of stuff (clothes, furniture, etc), sold a bunch more to friends (dishes, bookshelves, etc), and then replaced them when we got to Seattle.)

Renters insurance, definitely - I insured our 2br apt for $225 for the year.

Also, again, check your car insurance rates once you move.

For budgeting purposes, most utilities companies have something like "the 12-month estimate", where they can give you an approximate cost for your area (or even apartment building) for a year. Sometimes they have a payment plan where they take that amount, divide it by 12, and that's what you pay each month as a fixed price. After a year, if you owe, they charge you; if you're under the use, they credit you. Can be useful if you're on a fixed budget.

cindyj7

I totally agree with the renter's insurance - you must check into that. It is relatively cheap. If you go through the company where your car is insured, you may get a multi-policy discount. The only things I will add is have sufficient in your budget for food, paper goods (trash bags, toilet paper, paper towel, etc.), and entertainment.

I'm so excited for you - getting your first place on your own is so liberating! Good luck!

Joanitude

I agree with the others have said here are some additional suggestions:

General rule of thumb is rent + utilities should be 35%-45% of your income. Once you get over 50% you are getting into a risky place.
Have set amount of "pocket money" or "allowance" in the budget - that is your 'extra money'
Do a spending journal - write down *each* and *every* time you use *any* resource (cash, credit, given to you, etc). This will show you where the hidden spending leaks are - then you can either plug them or budget for them.

rosemary98

$1,000/mo + utilities for a 1 BR?? damn !!! So glad I live in a cheaper part of the world.

Anyhow - since you're doing this on your own, you should be able to budget pretty well since you only have your expenses to worry about...don't have kids that you need to buy clothes for and school supplies and stuff like that. The main thing...kind of like logging your calories on MFP...is to not forget anything. Don't do your budget for the month and think you have $100 left over and go buy a purse totally forgetting that you have your car insurance to pay. Groceries and things like that will cost more than you think, so plan high and be pleasantly surprised at the end of the week.

Good luck

actually, i think i paid $1400 for a one bedroom plus utilities a few years back.

rosemary98

are you living in an area where you can take public transportation? saves on wear and tear of your car, plus, obviously, gas. Is parking included?

ninerbuff

Hello! I am spending from now until Jan 30, putting away a total of $3000 to be added to my current savings of 2400 to be moving into my first (kind of) apartment on February 1st. Years ago I moved in with a friend but this time I'm getting a place all by myself. Does anyone have any advice as far as budgeting? It's a 1-bedroom, 1-bath, with (electric) washer & dryer, (gas) stove and the hot water is also gas. The rent is $999/month and I will have to pay electric, gas and water. I should have $5000 saved by February 1st, and plan to pay the $999 deposit, $999 first month's rent and $999 second month's rent in advance with that. I have already written up a "guestimated" budget but was wondering if any more experienced renters had any tips or things I should consider. Any help would be much appreciated!!!!

Biggest one IMO, is to budget in renter's insurance. Can't tell you how many times I've heard from people losing property from break ins or a neighbor causing water damage/fire damage. Protect your assets.

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shell_mc

Agreed on the renter's insurance.

Pay attention to the small spending that can add up (Starbucks, lunch out, etc.). Make sure you build that into your budget, as well as other discretionary spending like clothes, shoes, etc.

Good luck!

kenzietate

I will definitely second the part where I am glad that I live in a more inexpensive location!!

Seriously though, in your budget, always over estimate!! Renting is pretty straight forward but all the living expenses of being on you own can come as a surprise. Budget for things like paper towels, toilet paper, shampoo, soap, dish washing stuff, take into account laundry detergent and coins if you have to use a laundromat. Always add at least some money for incidentals that you won't see coming like car repairs, oil changes, etc. It is great that you will have such a head start on savings. If you can possibly keep the savings after the first few months do! Crap happens and having a safety net like that has saved my husband and I many times over the years!

Bankman1989

Looks like you are budgeting and handling everything correctly. However that fact you are saving up this money is kind of concerning. You should live somewhere that is readily affordable. AAnd even though you are young you SHOULD start saving so that it doesn't catch up to you in the future. An extra $200-300 a month could turn into $thousands and thousands of dollars down the road. I pay $975 for my house and I make well over $100k.

You DEFINITELY want renter's insurance. I would also make sure the $1000-1200 a month isn't more than 25% of your debt to income ratio. The apartment may be cool, but if its half of your net income you may have reservations down the road.

DTI Ratio: When you buy a house, banks generally want you to be under 40% total. What they will do is take your gross income and divide all of your monthly bills into it. If you make $4,000 a month your bills shouldn't be more than $1,600 a month.

MinnieInMaine

How are you set for kitchen tools like pots and pans, a microwave, whisk, mixers, etc? Some of the appliances aren't necessary right away (you can mix with a spoon rather than a mixer, cook on the stove instead of microwave) but it's something to consider.

How are you set on cleaning supplies? The first time I moved into an apartment I was set on pretty much everything but totally forgot about cleaners and they can add up really quickly expense-wise. Broom, dust pan, vaccuum if you have rugs, bathroom cleaners, dish soap, not to mention dish towels, hand towels, dish cloths or sponges (even if you have a dishwasher not everything gets clean in there if it's not a good one). Oh and that reminds me, what about bathroom rugs, shower curtain, other curtains for windows?